DowDuPont publie ses résultats financiers du 3ème trimestre 2017

  • Bénéfice par action : $0.32 (le BPA proforma augmente de 10% à $0,55)
  • Revenu net : $514 millions (L’EBITDA proforma augmente de 7% à $3,2 milliards)
  • Ventes nettes : $15,4 milliards (ventes nettes proforma en hausse de 8% à 8.3 milliards)
  • Progressions sur la plupart des segments d’activité et dans toutes les régions du monde
  • Volumes : +5% - Tarifs locaux : +4% - Volume Proforma +4% - Tarifs locaux proforma : +3%

Points à retenir

  • Le 12 septembre, DowDuPont a annoncé des ajustements de portefeuille entre les divisions Materials Science et Specialty Products afin de mieux les aligner aux besoins des marches finaux qu’elles servent et d’améliorer les avantages compétitifs de ces futures entreprises.
  • Se pliant aux exigences réglementaires nécessaires à la validation de la fusion, DowDuPont continue à prendre des mesures. De ce fait, le premier novembre, DuPont a vendu son portefeuille d’herbicides céréales et d’insecticides ainsi qu’une partie de son pipeline R&D en protection des cultures à la société FMC, et acheté l’activité Health and Nutrition de FMC. Par ailleurs, le premier septembre, Dow a achevé la vente de son activité de copolymères éthylène / acide acrylique (PRIMACORTM) et son activité ionomères. Dow prévoit également la vente d’une partie de l’activité semences de maïs de Dow AgroSciences au Brésil d’ici la fin de l’année.
  • La compagnie continue à progresser sur la voie de l’intégration des trois divisions et a commencé à préparer la future séparation de ces trois divisions en compagnies indépendantes dans les domaines Agriculture, Materials Science et Specialty Products.
  • DowDuPont a réitéré son engagement à dégager trois milliards de dollars d’économies liés aux différentes synergies possibles – 1 milliard pour la division Agriculture, 1,2 milliards pour Materials Sciences et 0,8 milliards pour Specialty Products.
  • L’entreprise a commencé à dévoiler son manuel de stratégie des affaires destiné à générer 1 milliard de synergies de croissance. Par exemple, Agriculture mettra à profit son approche multimarques et multi-canal pour offrir aux clients d’avantage de valeur grâce à son offre plus large et à ses solutions intégrées. Par ailleurs, Packaging & Specialty Plastics a commencé à intégrer le portefeuille des copolymères d’éthylène et les résine des DuPont afin d’offrir des solutions packaging haute performance. De même, Electronics & Imaging a identifié des opportunités de mettre à profit son accès marché plus intime et sa plus large gamme de matériaux (films OLED, laminés, matériaux pour semi-conducteurs) pour ses clients.
  • Agriculture will leverage its enhanced multi-brand, multi-channel approach designed to provide customers more value through broader choices and whole-farm solutions. Packaging & Specialty Plastics has begun the process of integrating DuPont’s resins and ethylene copolymers portfolio to deliver high performance packaging solutions. Electronics & Imaging has identified opportunities to leverage its deeper channel access and broader suite of materials (OLED films, laminates, semiconductor materials) with its customers.
  • DowDuPont a annoncé aujourd’hui que des actions sont prises afin de générer trois milliards de dollars d’économies. Ses actions sont destinées à intégrer l’organisation post-fusion et à créer les fondations solides des trois compagnies à venir. La majorité de ses efforts proviendra notamment de synergies en matière d’achats, de réductions de postes, de consolidation du parc immobilier. Conséquemment, DowDuPont affiche des charges avant impôt de 180 millions de dollars pour troisième trimestre 2017. La compagnie s’attend à des charges avant impôt d’environ 2 milliards, dont environ 1 milliard sur le quatrième trimestre 2017. Le programme d’économies devrait être atteint à hauteur de 70% dans les 12 mois et à 100% d’ici 24 mois.

Citation du CEO

“We delivered top- and bottom-line growth in the third quarter – a solid start for our newly-formed company. Our operating earnings increase was the result of broad-based demand growth in most of our core end-markets and disciplined margin management, which more than offset several headwinds, from multiple hurricanes to higher feedstock costs and a delayed start to the summer agriculture season in Brazil,” said Ed Breen, chief executive officer of DowDuPont. “Moreover, we delivered these results while advancing several value-creating initiatives, including: closing the merger, completing our comprehensive portfolio review, and defining the new synergy targets for each division. Going forward, you should expect us to remain focused on executing on our $3 billion cost synergy commitment and advancing preparations to create three focused growth companies in Agriculture, Materials Science, and Specialty Products.”

Détails par segment d’activité et zones géographiques

Les ventes nettes ont augmenté de 23%, les ventes nettes proforma se montent donc à 18,3 milliards de dollars, soit 23% de plus qu’à la même époque de l’année dernière.

  • Materials Science segments Industrial Intermediates & Infrastructure : +16 %
  • Packaging & Specialty Plastics and Performance Materials & Coatings : + 8 % chacun
  • Specialty Products segments Transportation & Advanced Polymers : +9 %
  • Safety & Construction : +6 %
  • Europe, Moyen-Orient et Afrique (EMEA) : +16 %
  • Asie Pacifique : +10 %
  • Amérique du nord : +4 %
  • Amérique latine : en baisse en raison de la faiblesse du marché agricole (baisse de la surface cultivée de maïs et été tardif au Brésil)

Les volumes proforma ont augmenté de 4%, reflétant la demande accrue du consommateur final en matière de packaging, électronique, transport, Oil & Gaz, architecture et construction, soins. Les volumes ont augmenté sur presque tous les segments :

  • Electronics & Imaging : +13 %
  • Packaging & Specialty Plastics : +6 %
  • Safety & Construction : +6 %
  • Asia Pacific : +10 %
  • EMEA : +5 %

En local, les prix ont augmenté de 3%, avec le portefeuille Industrial Intermediates & Infrastructure en tête (+12 %), Performance Materials & Coatings +(6 %), et Transportation & Advanced Polymers (+3 %). Ces augmentations ont été visibles sur toutes les zones géographiques, excepté en Amérique latine.

L’EBITDA3 proforma a augmenté de 7% pour se monter à 3,2 milliards de dollars, grâce à l’augmentation des prix et des volumes, de meilleurs bénéfices sur nos fonds propres, de budgets liés aux pensions plus bas. Ces bénéfices contrebalancent largement les coûts des matières premières agricoles, la faiblesse des marchés agricoles, l’impact des ouragans, et les coûts relatifs à de nouveaux sites sur le Golfe du Mexique.

Prévisions

« Tirée par les consommateurs, la demande continue à stimuler l’activité économique mondiale, qui reste solide dans la plupart des grandes économies, y compris en Europe, en Chine et aux Etats-Unis. Nos prévisions sont optimistes sur la majeure partie de nos marchés clé », a expliqué Andrew Liveris, Président exécutif de Dow DuPont. « Nous observons encore quelques retournements de situations, notamment dans le domaine agricole, et nous suivons de près la situation du Brésil en raison de démarrage mou de la saison estivale. Mais nous restons confiants dans le fait que notre division Ag connaîtra une belle année ».

« DowDuPont dispose de tous les leviers nécessaires pour répondre aux priorités de cours-terme, générer une croissance des bénéfices et du cash-flow, avancer sur les actions de synergies des coûts en réalisant des économies, débloquer la création de valeur prévue pour les actionnaires à travers cette transaction historique ».

Replay

Accéder au communiqué de presse dans sa version intégrale en anglais, réécouter le call entre DuPont et les investisseurs ou télécharger la présentation PowerPoint des résultats du troisième trimestre 2017 ? Cliquer ici.

About DowDuPont™

DowDuPont (NYSE: DWDP) is a holding company comprised of The Dow Chemical Company and DuPont with the intent to form strong, independent, publicly traded companies in agriculture, materials science and specialty products sectors that will lead their respective industries through productive, science-based innovation to meet the needs of customers and help solve global challenges. For more information, please visit us at www.dow-dupont.com.

(1) GAAP diluted earnings per share reflects three months of Dow earnings and one month of DuPont earnings. This compares with GAAP earnings per share of $0.63 year-over-year.

(2) Pro forma information before adjustments for significant items and DuPont intangible asset amortization was determined in accordance with Article 11 of Regulation S-X and is discussed to increase comparability to the prior year pre-merger operating results by adjusting for the merger of Dow and DuPont. Pro forma information is reconciled to the most comparable GAAP results in the attached tables. Pro forma adjusted earnings per share is defined as “Pro Forma earnings per common share from continuing operations – diluted”  excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont’s intangible assets.  See the financial information at the end of the release for a description of the significant items, as well as a reconciliation of ‘Pro forma earnings per common share from continuing operations – diluted” to “Pro forma adjusted earnings per common share from continuing operations – diluted.”

(3) Pro forma operating EBITDA is defined as earnings (i.e., “Pro Forma income from continuing operations before income taxes”) before interest, depreciation, amortization and foreign exchange gains (losses) excluding the impact of significant items. A reconciliation of "Pro Forma income from continuing operations, net of tax” to “Pro Forma Operating EBITDA” is provided in the financial schedules at the end of the release.  

(4) Pension/OPEB (other post employment benefit plans) costs include all components of net periodic benefit cost from continuing operations.

(5) Net income available for DowDuPont Inc. common stockholders.

 

Cautionary Statement About Forward-Looking Statements
 

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words.

 

On December 11, 2015, The Dow Chemical Company (“Dow”) and E. I. du Pont de Nemours and Company (“DuPont”) announced entry into an Agreement and Plan of Merger, as amended on March 31, 2017, (the “Merger Agreement”) under which the companies would combine in an all-stock merger of equals transaction (the “Merger Transaction”). Effective August 31, 2017, the Merger Transaction was completed and each of Dow and DuPont became subsidiaries of DowDuPont Inc. (“DowDuPont”). For more information, please see each of DowDuPont’s, Dow’s and DuPont’s latest annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K, as the case may be, and the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by DowDuPont with the SEC on March 1, 2016 (File No. 333-209869), as last amended on June 7, 2016, and declared effective by the SEC on June 9, 2016 (the “Registration Statement”) in connection with the Merger Transaction.

 

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including the intended separation of DowDuPont’s agriculture, materials science and specialty products businesses in one or more tax efficient transactions on anticipated terms (the “Intended Business Separations”). Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause DowDuPont’s, Dow’s or DuPont’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, including anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) impact of the divestitures required as a condition to consummation of the Merger Transaction as well as other conditional commitments; (iii) achievement of the anticipated synergies by DowDuPont’s agriculture, materials science and specialty products businesses; (iv) risks associated with the Intended Business Separations, including those that may result from the comprehensive portfolio review undertaken by the DowDuPont board, changes and timing, including a number of conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, disruptions in the financial markets or other potential barriers; (v) the risk that disruptions from the Intended Business Separations will harm DowDuPont’s business (either directly or as conducted by and through Dow or DuPont), including current plans and operations; (vi) the ability to retain and hire key personnel; (vii) potential adverse reactions or changes to business relationships resulting from the completion of the merger or the Intended Business Separations; (viii) uncertainty as to the long-term value of DowDuPont common stock; (ix) continued availability of capital and financing and rating agency actions; (x) legislative, regulatory and economic developments; (xi) potential business uncertainty, including changes to existing business relationships, during the pendency of the Intended Business Separations that could affect the company’s financial performance and (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks, as well as other risks associated with the merger and the Intended Business Separations, are more fully discussed in (1) the Registration Statement and (2) the current, quarterly and annual reports filed with the SEC by DowDuPont and to the extent incorporated by reference into the Registration Statement, by Dow and DuPont. While the list of factors presented here is, and the list of factors presented in the Registration Statement are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DowDuPont’s, Dow’s or DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

 

The Dow Diamond, DuPont Oval logo, DuPont™ and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks or registered trademarks of The Dow Chemical Company, E. I. du Pont de Nemours and Company or their affiliates.